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Williams:  “I’m keenly focused on the price action in gold.  We are now beginning to see to see some very interesting and positive developments in the gold price from a technical perspective.  We have also seen some staggering gold exports from the UK, through Switzerland.  This gold likely went into China....


Continue reading the Grant Williams interview below...




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“Eric Sprott has done some phenomenal work on this in the last week or so.  He’s put out a couple of pieces, including an open letter to the World Gold Council that runs through the numbers and demonstrates very clearly that there is a significant supply/demand imbalance in the gold market.


This imbalance in gold would normally lead to higher prices in any other commodity, but for some reason it doesn’t seem to be the case with gold.  But we have seen the price rebound, and break significantly above $1,300.  Gold looks ready to push through the current resistance and the next stop will be $50 or $60 higher from here in the short-term.


So, there are a lot of positive things happening with regards to the gold price.  The reality is that people have to accept these ‘wins’ when they get them, but also realize this is a long campaign.  Meaning, investors need to exercise patience and realize the mathematics that are at play here.  The gold market may be frustrating and drive investors crazy at times, but, ultimately, when you have a significant lack of supply and significant strength in demand, the price is only going to go one way over time.


I think we’ve seen the lows in gold.  I would love to see gold consolidate above $1,300, especially if there are a couple of more attempts to drive the price down which get rebuffed.  If we see another attempt to smash gold well below $1,300 and the price turns around and goes right back up, that’s going to be a very, very encouraging sign.  But as I said, we’ve seen the lows. 


I think the Goldman Sachs ‘Slam Dunk’ sell call on gold was a crazy one at the time, and the subsequent price action in gold has left them with egg on their face.  So, I’m very encouraged by the action of the gold price.  If we can form a solid base above $1,300, rally strongly into the high-$1,300s, I think that will bode very well for gold going forward.


The bottom line here is the weak hands are out of the gold market at this point, and the buyers are clearly people and entities which have a strong belief that gold is going higher.  Any time that something like gold moves into stronger hands it creates a massive long-term bullish dynamic, and we have seen a lot of that at the recent capitulation lows.  I also think the continued hyper-bearishness is extremely constructive for the price of gold.”


Williams added:  “I would also like to note that we are starting to see some good operational results come out.  Agnico Eagle’s results were released and they were unequivocally excellent.  Agnico’s stock jumped 17% or 18% on the back of those strong results.  It’s good to see that companies which have a good quarter are getting rewarded for it. 


I think the worst has certainly been written into a lot of these gold mining stocks now and sentiment has been so poor, that any time they come out with a positive surprise you are going to see some violent snapbacks in some of these stocks.  This is the time of year where you want to pay very close attention to the earnings calendar, and be prepared for some pretty decent moves.”


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© 2013 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.


The audio interviews with Andrew Maguire, Michael Pento, Eric Sprott, Grant Williams, Rob Arnott, Art Cashin, Egon von Greyerz, Bill Fleckenstein, David Stockman, Robin Griffiths, Jim Grant and William Kaye are available now. Other recent KWN interviews include Marc Faber and Felix Zulauf to listen CLICKING HERE.


Eric King

KingWorldNews.com

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